Though Jim Flaherty had been in the job for eight years and has recently had health problems, the news took some by surprise. Here’s a sampling of the reaction:

Prime Minister Stephen Harper: “Canada has benefited immensely from Minister Flaherty’s contributions as one of the longest serving Finance Ministers in our history. Since 2006, he has been a steady hand, ably guiding Canada through the most challenging economic times since the Great Depression and gaining the country a solid global reputation for economic management.”

Doug Porter, chief economist at BMO Capital Markets: ‘The timing is quite surprising. The news isn’t particularly surprising. There’s been talk for quite some time that the finance minister might stand aside at some point… “I actually thought he’d stick around for the 2015 budget to basically do a ‘Mission Accomplished’. Apparently, he had other plans.”

Thomas Mulcair, leader of Canada’s New Democratic Party: “Despite our disagreements about the best way to manage Canada’s economy, I have always respected Mr. Flaherty’s commitment to serving our country.”

Ian Russell, head of the Investment Industry Association of Canada: “Canada’s investment industry has been well served under the leadership of Finance Minister Jim Flaherty. His track record speaks for itself. Of particular interest to our industry has been his dogged determine to see the Cooperative Capital Markets Regulator come to fruition.”

Mathieu D’Anjou, senior economist at Desjardins Securities: “I think the Canadian government has a clear path to follow on the fiscal front… Flaherty’s announcement shouldn’t change the government’s mandate there.”

John Manley, head of the Canadian Council of Chief Executives:
“I think he has been a steady hand and he has been respected both at home and internationally so people like that are hard to lose.”